Bitcoin was stable on Monday, while popular altcoins fell as the largest cryptocurrency by market capitalization regained its recent lack of volatility.
At the time of writing, Bitcoin is trading at $25,964, according to CoinGecko, after having completely stagnated over the past few days. Moreover, it has been stagnant for more than the last seven days.
Bitcoin touched an annual high of $31,000 after BlackRock, the world’s largest asset manager, filed for a spot bitcoin ETF with the U.S. Securities and Exchange Commission (SEC) in June.
However, it experienced a significant and rapid decline 10 days ago after frightened investors decided to pull back following news that Chinese Evergrande Group filed for Chapter 15 bankruptcy protection in New York. There was also a general loss of interest due to the SEC’s sluggishness in approving the long-awaited product.
The major drop came, according to experts, due to a lack of liquidity in the market currently and vulnerability to large players making significant moves.
James Butterfill, head of research at crypto investment firm CoinShares, stated on Monday that the recent price action reflects the market’s indecisiveness.
Despite the relatively stagnant price movement of Bitcoin, several altcoins experienced declines on Monday. The Layer 1 blockchain developed by former Meta engineers Sui fell 6.7 percent in 24 hours, trading at $0.54.
The meme token Pepe is also in decline, currently being the worst-performing digital asset over the past week. Its price dropped by more than 2 percent in the last day, but it has lost nearly 17 percent of its value over the past seven days.
